Homeowner Insurance

from Lang Insurance

Homeowner Insurance

In general, you are not required to have homeowners insurance if you fully own your home, meaning that you do not have a mortgage on the property. If you are still paying back your home loan, though, your lender will undoubtedly require you to have this important coverage. This way, the lender is guaranteed to get their money back, even if your home is completely destroyed.

Even if you are not required to maintain a homeowners insurance policy, it is still in your best interest to keep it. Your home is likely the largest investment you have ever made in your life, and you don't want to risk losing it. Without homeowners insurance, you'll have to cover the costs of any damages to your home, which could be incredibly expensive if the damage is severe. If you are like most people, these expenses could result in serious financial hardship, not to mention the loss of a place to live.

Homeowners Insurance Coverage Requirements

Most mortgage lenders will require you to have enough hazard insurance coverage to pay for at least 80 percent of the value of your home. It is important to note that this only covers the structure of the home itself, not the items inside.

To protect the contents of your home, you'll need to include personal property coverage. The amount you'll need will depend on the value of your furniture and other items. High-value items, like jewelry, antiques and fine art, will typically be covered under an additional rider on your policy, as there are limits to personal property coverage.

You should also include liability insurance in your policy. This will cover the medical expenses for anyone who is injured while on your property, regardless of whether they were an invited guest. With the high cost of medical bills in the United States, this is an aspect of coverage that you can't afford to do without.

Get Started with Homeowners Insurance

Here at Lang Insurance, we are proud to include homeowners insurance among our coverage options. Our insurance specialists will be happy to work with you to determine the amount of coverage that is most appropriate for your needs and the requirements of your mortgage lender. We'll help you evaluate the value of your home and its contents so that we can set the right level of coverage to protect you and your family while also fitting in your budget.